Sydney house prices surge, now back above $1 million: Domain Group

Discussion in 'Property Market Economics' started by standtall, 22nd Jul, 2016.

Join Australia's most dynamic and respected property investment community
Tags:
  1. Guest

    Guest Guest

    No doubt there is a mix (of cash/lending from Australian banks and international sources), recall seeing a survey suggesting a majority of foreign buyers borrow locally.

    This is a pretty disingenuous number to quote considering we all know that up until recently 70-80% LVR (perhaps more) lends were available. The rest of your post is not supported by any publicly available data that I am aware of (i.e. foreign investors buying apartments recently/now hold other properties owned through earlier cycles).
     
    Satya likes this.
  2. Cactus

    Cactus Well-Known Member

    Joined:
    18th Jan, 2016
    Posts:
    1,445
    Location:
    Melbourne

    My information from foreigners I know and sales groups that sell to foreigners supports my stance.

    But feel free to doom and gloom. Go Gold!
     
    Last edited by a moderator: 10th Oct, 2021
    Satya likes this.
  3. timetoact

    timetoact Well-Known Member

    Joined:
    22nd Jun, 2015
    Posts:
    422
    Location:
    Sydney
    People get millions to buy in Sydney by starting small.
    You can't buy a decent house in Sydney as your first property. You need to buy an apartment when you are young, and then pay down debt and wait for time to build you some equity and then combine that with an increase in income by working hard and one day you will be able to afford a decent house.
    Remember, median property is bought by people with median wealth not median incomes.
     
    lowIQ, Perthguy, bobbyj and 2 others like this.
  4. Cactus

    Cactus Well-Known Member

    Joined:
    18th Jan, 2016
    Posts:
    1,445
    Location:
    Melbourne
    but i want it now...
     
    ollidrac nosaj and Satya like this.
  5. Tattler

    Tattler Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    1,065
    Location:
    Sydney
    Start in Melbourne or other states then :)
     
    Cactus likes this.
  6. radson

    radson Well-Known Member

    Joined:
    4th Jul, 2015
    Posts:
    1,563
    Location:
    Upper Blue Mountains
    Huh??..try 50% and the DJIA went from 12k down to 6k and is now 18K..record highs
     
    wogitalia and timetoact like this.
  7. albanga

    albanga Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    2,701
    Location:
    Melbourne
    This was to be expected if you ask me, election is over, negative gearing is here to stay and rates are almost guaranteed to be cut again.
    ING just came out with 3.79% variable on OO which is likely just the start of others following trend soon enough.

    Sure APRA cut down users ability to service loans but I think this more effects the investor market more than the O/O which realistically are those who drive the crazy prices.

    Until a rate rise I personally see no fall in the Sydney market and continued steam in Melbourne.
     
    Cactus and hash_investor like this.
  8. timetoact

    timetoact Well-Known Member

    Joined:
    22nd Jun, 2015
    Posts:
    422
    Location:
    Sydney
    True, but that's much too hard for most.
    ps. Love the Litt Up avatar
     
    Tattler likes this.
  9. timetoact

    timetoact Well-Known Member

    Joined:
    22nd Jun, 2015
    Posts:
    422
    Location:
    Sydney
    Agree, rate rise or high unemployment.

    Inner West is getting back to silly prices again, is it just lack of stock?
    Maybe, but there are a lot of people crawling over every property at the moment.

    East has continued to kick, although it was late to the party, which in turn is shifting buyers from that market to the Inner West. I notice even just this week that there is a fair bit more stock coming to market in the East though.

    Reports form friends on the Lower North is that the lack of stock is getting ridiculous.

    How long till prices get to a point that entice more sellers to market which will surely balance things out a bit.

    The one thing that is obvious is that no vendors are selling below their expectations, no forced sellers.
     
  10. albanga

    albanga Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    2,701
    Location:
    Melbourne
    Got a friend selling now in Melbourne for no other reason than to cash in on limited stock in their market and getting out before prices are corrected.

    Personally I think they are going 1-2 years too early but is does show it is happening.
     
    Cactus and MTR like this.
  11. MTR

    MTR Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    27,784
    Location:
    My World
  12. MTR

    MTR Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    27,784
    Location:
    My World

    Melb is the strongest, is currently best performing State in Australia

    Fundamentals very strong
     
    Cactus likes this.
  13. timetoact

    timetoact Well-Known Member

    Joined:
    22nd Jun, 2015
    Posts:
    422
    Location:
    Sydney
    Don't follow Melbourne, but I reckon you're right.

    An Inner West agent friend of mine has 20 potential sellers (upgraders) but they are all too nervous to go to market as they don't think they will be able to find something else to buy.
     
  14. Perthguy

    Perthguy Well-Known Member

    Joined:
    22nd Jun, 2015
    Posts:
    11,767
    Location:
    Perth
    Or Perth :p
     
    Satya likes this.
  15. Satya

    Satya Active Member

    Joined:
    7th Jul, 2016
    Posts:
    31
    Location:
    Sydney
    I hear Perth is also very expensive.
     
  16. Perthguy

    Perthguy Well-Known Member

    Joined:
    22nd Jun, 2015
    Posts:
    11,767
    Location:
    Perth
    Not any more. Prices have collapsed in some areas and good deals are starting to come onto the market.
     
    jins13 and Satya like this.
  17. jins13

    jins13 Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    2,357
    Location:
    Sydney
    I think the overall data needs to be considered conservatively, because some of the saved properties on my realestate.com app paints a different picture. I am talking about established suburbs with good infrastructure, schools, and family friendly areas. I've posted some links of areas in the past but see price reductions and longer listing dates for some.

    Not sure about the blue chip areas like the Eastern suburbs or the Northern beaches area but think they are still selling pretty well.
     
    Sackie likes this.
  18. Sackie

    Sackie Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    25,034
    Location:
    Vaucluse, Sydney.
    Indeed they are. Went to an auction recently, a crappy 2 bed unit in North bondi sold for 1.35m.
     
  19. Simon Hampel

    Simon Hampel Founder Staff Member

    Joined:
    3rd Jun, 2015
    Posts:
    12,393
    Location:
    Sydney
    Don't forget that the post you replied to was made over 12 months ago!
     
  20. MTR

    MTR Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    27,784
    Location:
    My World
    the higher it goes, the harder it falls.... I need some popcorn, too early in the morning, where's my coffee
     

Build Passive Income WITHOUT Dropping $15K On Buyers Agents Each Time! Helping People Achieve PASSIVE INCOME Using Our Unique Data-Driven System, So You Can Confidently Buy Top 5% Growth & Cashflow Property, Anywhere In Australia